The first of what may be a series of crypto no-action letters supports the view that programmatic token distributions serving as network incentives are not securities. On September 29, 2025, the SEC ...
The SEC has just issued its second “no-action letter” toward a decentralized physical infrastructure network (DePIN) crypto project in recent months, giving its native token “regulatory cover” from ...
The NAL provides incremental clarity for innovators in the digital asset space and reduces legal risk for similarly structured rewards tokens. On November 24, 2025, the SEC Division of Corporation ...
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